The President-elect’s Trump Media and Technology Group is in talks to buy digital-asset marketplace Bakkt Holdings, according to a report by the FT citing sources familiar with the matter on Nov. 19.

The all-stock acquisition by Trump’s social media firm, which owns Truth Social, would consolidate his position in the digital asset industry.

Bakkt is an institutional crypto asset platform backed by New York Stock Exchange owner Intercontinental Exchange (ICE).

Trump’s social media group in talks to buy crypto trading venue https://t.co/wYiaa6onuM

— Financial Times (@FT) November 18, 2024

More Good News for Crypto

Bakkt shares surged more than 160% as the news broke, while Trump Media stock ended the day up almost 17%. There were no details of the deal but estimates that it could be worth upwards of $100 million were circulating.

“The crypto scene is on the move once again,” commented head of research at Pepperstone Group, Chris Weston, who added that Trump Media’s play for Bakkt is “another piece of positive news that is lifting sentiment.”

“The only thing (Trump Media has) got going for them is the incoming president’s name. But the crypto crowd has backed the president quite strongly, and now they’re expecting a payoff,” said Jim Angel, a finance professor at Georgetown University in Washington.

However, the crypto custody and trading platform received a warning from the NYSE regarding non-compliance in March.

Donald Trump has promised to create supportive regulations for crypto assets and set